Growing Demand for Fuel Efficiency Boosts Asia Pacific Automotive Electric Power Steering MarketPosted by Devanand on May 5th, 2023 Automotive Electric Power Steering Market Analysis The automotive electric power steering (EPS) market is expected to experience significant growth in the coming years, driven by increasing demand for fuel-efficient and environmentally friendly vehicles, as well as advancements in technology. Electric power steering systems are replacing traditional hydraulic power steering systems due to their superior fuel efficiency, easier maintenance, and improved handling. They use an electric motor to assist with steering, rather than relying on hydraulic fluid, which can result in significant fuel savings. The market for EPS systems is also being driven by the growing demand for electric and hybrid vehicles, as these vehicles require an EPS system to provide steering assistance without the use of a traditional internal combustion engine. Additionally, EPS systems can be integrated with advanced driver assistance systems (ADAS), such as lane departure warning and adaptive cruise control, which is further driving their adoption. Market Research Future (MRFR) predicts the global automotive electric power steering market to grow with a CAGR of approx. 6% from 2022 to 2030 (forecast period). The automotive industry has traditionally relied on conventional hydraulic pressure, which is generated by a pump that is driven by the engine. This pump would constantly run, consuming engine power and putting a strain on the engine. This pump would continue to work even though the steering wheel was not turned, reducing vehicle fuel consumption. The engine load is used to guide the driver only when the steering wheel is turned in either direction with an electric power steering system, reducing fuel consumption. The drag or thrust is still exerted on the engine, but it only occurs when the steering movement is performed, significantly improving engine performance. There are numerous factors driving the growth of the automotive electric power steering market. For starters, consumers all over the world want technically superior automobiles with high-end features, low prices, and improved safety features. Second, automakers are constantly striving to produce cleaner, greener automobiles with a lower carbon footprint, which can be accomplished by integrating this system. Third, consumers want a more peaceful and comfortable driving experience with less driving effort, which can also be done with an electric power steering system. Request Free Sample of Report @ https://www.marketresearchfuture.com/sample_request/5743 COVID-19 Impact on the Global Automotive Electric Power Steering Market The global outbreak of a novel coronavirus pandemic is likely to trigger a temporary slowdown in the industry. Manufacturing activities have been halted due to labor shortages. As a consequence, demand from end-use industries has dropped significantly. Automotive Electric Power Steering Market Segmentation The global automotive electric power steering market has been segmented into type, component, mechanism, fuel, and vehicle. By type, the global automotive electric power steering market has been segmented into pinion, rack, and column. By components, the global automotive electric power steering market has been segmented into bearing, rack & pinion, electric motor, steering wheel, gear, and column. Based on mechanism, the global automotive electric power steering market has been segmented into collapsible and rigid. Based on fuel, the global automotive electric power steering market has been segmented into petrol, diesel, BEV, PHEV, and HEV. Based on vehicles, the global automotive electric power steering market has been segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Read Report Overview: https://www.marketresearchfuture.com/reports/automotive-electric-power-steering-market-5743 Automotive Electric Power Steering Market Regional Analysis Based on region, the global automotive electric power steering market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. The North American market (particularly the United States and Canada) has shown a strong upward trend in self-driving car research and development and adoption. The electric power steering mechanism helps the smooth movement of these self-driving automobiles, giving this industry a bright future. Because of growing middle-class income and buying power, the Asia Pacific market is projected to be the next global automotive center. The electric power steering system can be used in all automobile segments (high, medium, and low), lowering manufacturing costs due to mass production. Automotive Electric Power Steering Market Key Players
Summary The global automotive electric power steering market is anticipated to grow with a CAGR of approx. 6% from 2017 to 2023 (forecast period). The growth of the automotive electric power steering market can be attributed to a variety of factors. First, consumers all over the world are looking for technically superior automobiles with high-end features, low prices, and improved safety features. Second, automakers are constantly striving to create cleaner, greener vehicles with a lower carbon footprint, which can be accomplished by implementing this system. Third, consumers want a more peaceful and pleasant driving experience with less driving effort, which can also be done with an electric power steering system. Like it? Share it! More by this author |